Evidence type: Insight i
Qualitative research is more exploratory, and uses a range of methods like interviews, focus groups and observation to gain a deeper understanding about specific issues - such as people’s experiences, behaviours and attitudes.
Quantitative research uses statistical or numerical analysis of survey data to answer questions about how much, how many, how often or to what extent particular characteristics are seen in a population. It is often used to look at changes over time and can identify relationships between characteristics like people’s attitudes and behaviours.
The concept of financial wellbeing has gained prominence in research and policy over the last few years. The term is seen as intuitive and understandable to the general population as well as researchers and policymakers. Other terms that are often used interchangeably include financial wellness and financial health. However, financial wellbeing explicitly recognises that finances are related to people’s overall wellbeing, disavowing the notion that finances are a separate entity to other aspects of day-to-day wellbeing. Financial wellbeing combines concepts related to the fields of personal finance and the broader area of personal wellbeing. Financial wellbeing is also starting to be recognised as increasingly important in industry, with employers aware of the reduction in productivity that can be the result of financial stress and uncertainty. Over the past few years, numerous financial wellbeing indices have been devised, often including aspects of employment, as well as housing, income, education, health, and happiness.
The research in this 2018 report from ANZ Banking Group was conducted in Australia as both an online and a telephone survey.
The 30-minute online survey was conducted among a nationally representative sample of Australian adults, aged 18+. In total, 3,578 valid responses were received. Surveys were conducted across Australia, with quotas set for age, gender and location. The data was also post-weighted to ensure that the results were as representative as possible. The fieldwork took place in November and December 2017.
CATI (Computer Assisted Telephone Interview)
The online survey took about eight minutes to complete. There were 1,000 valid responses from adults aged 18+. The final dataset was weighted by age, gender and location using the latest population estimates. The fieldwork took place in December 2017.
A wellbeing score was created based on an aggregate of the survey questions. The final score was a composite of standardised scores, with the results being reported on a scale of 0-100.
An identical survey was also conducted in New Zealand, with the results available in a sister report.
Four categories of relative financial wellbeing were identified:
Methodological strengths and limitations: